Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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The likelihood of financial distress caused by the 2nd wave is much higher &amp; it could lead to more outright sales of gold, unlike in 2020, when people chose to take out loans against gold.

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    <h1 class="cat-box-title">Last resort: Indians in distress are selling gold & third wave could only make it worse -Swansy Afonso </h1>
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                            <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>The likelihood of financial distress caused by the 2nd wave is much higher &amp; it could lead to more outright sales of gold, unlike in 2020, when people chose to take out loans against gold.</em></p><p style="text-align:justify"><em>Mumbai: </em>Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children&rsquo;s education after losing his job on a cruise liner. This year, he is selling his gold jewelry to meet expenses, after failed attempts at starting a home business and finding another job.</p><p style="text-align:justify">&ldquo;A gold loan is after all a debt that I am taking on,&rdquo; he said from his hometown in the coastal state of Goa. &ldquo;Selling my jewelry means I am not obligated to pay someone back along with an additional interest on that.&rdquo;</p><p style="text-align:justify">With the pandemic pushing millions into poverty or bankruptcy, many Indians are now turning to their last resort: selling their gold jewelry to make ends meet. In rural India, the biggest bullion buyer, a brutal new wave of the virus has had a catastrophic impact on the economy and incomes. With fewer banks around, people in rural areas rely on gold in times of need as it can be easily liquidated.</p><p style="text-align:justify">The likelihood of financial distress caused by the second wave is much higher and it could lead to more outright sales of gold, unlike in 2020, when consumers chose to take out loans against their stash of the metal, according to Chirag Sheth, a consultant at London-based Metals Focus Ltd.</p><p style="text-align:justify">Gross scrap supplies, which include old gold melted to make new designs, may exceed 215 tons and surge to the highest in nine years if a new wave emerges, he said. For a nation that imports almost all its gold mainly from Switzerland, higher local supply will also limit overseas inflows.</p><p style="text-align:justify">&ldquo;You already had a financial problem last year and you got out of that problem through gold loans. Now again, you are having financial problems this year with a potentially third wave on the way, which can again mean lockdowns and job losses,&rdquo; said Sheth. &ldquo;We can expect distress sales in a big way in August and September when the third wave could actually set in.&rdquo;</p><p style="text-align:justify">Many Indians who had clawed their way out of poverty face grim job prospects as lockdowns crippled the economy. More than 200 million have gone back to earning less than minimum wage, or $5, a day.</p><p style="text-align:justify">Please <a href="https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI" title="https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI" class="re" target="_blank">ThePrint.in, 12 July, 2021, https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI</a><div class="clear"></div>
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    <h1 class="cat-box-title">Last resort: Indians in distress are selling gold & third wave could only make it worse -Swansy Afonso </h1>
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                            <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>The likelihood of financial distress caused by the 2nd wave is much higher &amp; it could lead to more outright sales of gold, unlike in 2020, when people chose to take out loans against gold.</em></p><p style="text-align:justify"><em>Mumbai: </em>Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children&rsquo;s education after losing his job on a cruise liner. This year, he is selling his gold jewelry to meet expenses, after failed attempts at starting a home business and finding another job.</p><p style="text-align:justify">&ldquo;A gold loan is after all a debt that I am taking on,&rdquo; he said from his hometown in the coastal state of Goa. &ldquo;Selling my jewelry means I am not obligated to pay someone back along with an additional interest on that.&rdquo;</p><p style="text-align:justify">With the pandemic pushing millions into poverty or bankruptcy, many Indians are now turning to their last resort: selling their gold jewelry to make ends meet. In rural India, the biggest bullion buyer, a brutal new wave of the virus has had a catastrophic impact on the economy and incomes. With fewer banks around, people in rural areas rely on gold in times of need as it can be easily liquidated.</p><p style="text-align:justify">The likelihood of financial distress caused by the second wave is much higher and it could lead to more outright sales of gold, unlike in 2020, when consumers chose to take out loans against their stash of the metal, according to Chirag Sheth, a consultant at London-based Metals Focus Ltd.</p><p style="text-align:justify">Gross scrap supplies, which include old gold melted to make new designs, may exceed 215 tons and surge to the highest in nine years if a new wave emerges, he said. For a nation that imports almost all its gold mainly from Switzerland, higher local supply will also limit overseas inflows.</p><p style="text-align:justify">&ldquo;You already had a financial problem last year and you got out of that problem through gold loans. Now again, you are having financial problems this year with a potentially third wave on the way, which can again mean lockdowns and job losses,&rdquo; said Sheth. &ldquo;We can expect distress sales in a big way in August and September when the third wave could actually set in.&rdquo;</p><p style="text-align:justify">Many Indians who had clawed their way out of poverty face grim job prospects as lockdowns crippled the economy. More than 200 million have gone back to earning less than minimum wage, or $5, a day.</p><p style="text-align:justify">Please <a href="https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI" title="https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI" class="re" target="_blank">ThePrint.in, 12 July, 2021, https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI</a><div class="clear"></div>
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                            <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>The likelihood of financial distress caused by the 2nd wave is much higher &amp; it could lead to more outright sales of gold, unlike in 2020, when people chose to take out loans against gold.</em></p><p style="text-align:justify"><em>Mumbai: </em>Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children&rsquo;s education after losing his job on a cruise liner. This year, he is selling his gold jewelry to meet expenses, after failed attempts at starting a home business and finding another job.</p><p style="text-align:justify">&ldquo;A gold loan is after all a debt that I am taking on,&rdquo; he said from his hometown in the coastal state of Goa. &ldquo;Selling my jewelry means I am not obligated to pay someone back along with an additional interest on that.&rdquo;</p><p style="text-align:justify">With the pandemic pushing millions into poverty or bankruptcy, many Indians are now turning to their last resort: selling their gold jewelry to make ends meet. In rural India, the biggest bullion buyer, a brutal new wave of the virus has had a catastrophic impact on the economy and incomes. With fewer banks around, people in rural areas rely on gold in times of need as it can be easily liquidated.</p><p style="text-align:justify">The likelihood of financial distress caused by the second wave is much higher and it could lead to more outright sales of gold, unlike in 2020, when consumers chose to take out loans against their stash of the metal, according to Chirag Sheth, a consultant at London-based Metals Focus Ltd.</p><p style="text-align:justify">Gross scrap supplies, which include old gold melted to make new designs, may exceed 215 tons and surge to the highest in nine years if a new wave emerges, he said. For a nation that imports almost all its gold mainly from Switzerland, higher local supply will also limit overseas inflows.</p><p style="text-align:justify">&ldquo;You already had a financial problem last year and you got out of that problem through gold loans. Now again, you are having financial problems this year with a potentially third wave on the way, which can again mean lockdowns and job losses,&rdquo; said Sheth. &ldquo;We can expect distress sales in a big way in August and September when the third wave could actually set in.&rdquo;</p><p style="text-align:justify">Many Indians who had clawed their way out of poverty face grim job prospects as lockdowns crippled the economy. More than 200 million have gone back to earning less than minimum wage, or $5, a day.</p><p style="text-align:justify">Please <a href="https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI" title="https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI" class="re" target="_blank">ThePrint.in, 12 July, 2021, https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI</a><div class="clear"></div>
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Last resort: Indians in distress are selling gold & third wave could only make it worse -Swansy Afonso

Published on Jul 15, 2021   Modified on Jul 16, 2021

-ThePrint.in The likelihood of financial distress caused by the 2nd wave is much higher & it could lead to more outright sales of gold, unlike in 2020, when people chose to take out loans against gold. Mumbai: Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children’s education after losing his job on a cruise liner. This year, he is selling his gold jewelry to meet expenses, after failed attempts at starting a home business and finding another job. “A gold loan is after all a debt that I am taking on,” he said from his hometown in the coastal state of Goa. “Selling my jewelry means I am not obligated to pay someone back along with an additional interest on that.” With the pandemic pushing millions into poverty or bankruptcy, many Indians are now turning to their last resort: selling their gold jewelry to make ends meet. In rural India, the biggest bullion buyer, a brutal new wave of the virus has had a catastrophic impact on the economy and incomes. With fewer banks around, people in rural areas rely on gold in times of need as it can be easily liquidated. The likelihood of financial distress caused by the second wave is much higher and it could lead to more outright sales of gold, unlike in 2020, when consumers chose to take out loans against their stash of the metal, according to Chirag Sheth, a consultant at London-based Metals Focus Ltd. Gross scrap supplies, which include old gold melted to make new designs, may exceed 215 tons and surge to the highest in nine years if a new wave emerges, he said. For a nation that imports almost all its gold mainly from Switzerland, higher local supply will also limit overseas inflows. “You already had a financial problem last year and you got out of that problem through gold loans. Now again, you are having financial problems this year with a potentially third wave on the way, which can again mean lockdowns and job losses,” said Sheth. “We can expect distress sales in a big way in August and September when the third wave could actually set in.” Many Indians who had clawed their way out of poverty face grim job prospects as lockdowns crippled the economy. More than 200 million have gone back to earning less than minimum wage, or $5, a day. Please click here to read more.

ThePrint.in, 12 July, 2021, https://theprint.in/economy/last-resort-indians-in-distress-are-selling-gold-third-wave-could-only-make-it-worse/694199/?fbclid=IwAR3Aq2eLGDdyw8qqntLdqV81VC4d_f3431I5QPrD4LTYZ8wBLxsAQN1GOGI

Tagged with: Gold loan Financial distress Unemployment Job Loss Destitution gold loans Lockdown Job Losses

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